WASHINGTON  With the House slated to vote Monday on a deeply unpopular $700 billion rescue plan for beleaguered financial companies, President Bush and congressional leaders were scrambling to corral support.

Bush called the election-year vote a difficult one for lawmakers but said he is confident Congress will pass a measure his top economic officials have argued is vital to averting a broader economic meltdown.

"Without this rescue plan, the costs to the American economy could be disastrous," Bush said in a written statement Sunday.

Convincing their colleagues to back the plan despite thousands of angry phone calls, e-mails and letters pouring in from angry constituents proved a tall order for leaders in both parties.

"Now we have to get the votes," said Sen. Harry Reid, D-Nev., the majority leader. He said the measure could pass the Senate as early as Wednesday.

I have a few other nicknames for him and the other socialists. Mrs. Tick gets mad when I use these nicknames around the house. I probably ought to use them *here* in the forum, so I’ll get banned and I can get some work done.

Whoever controls the volume of money in our country is absolute master of all industry and commerce when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.

~James Garfield, 20th President Assassinated, 1881

I wish our congress critters could all be held down and forced to watch these two videos, kinda like in Clockwork Orange... (No, they don't recommend going back to a gold standard.)

I do not understand why conservative republicans would support this bill! It is the largest tax increase in all history that will burden every American citizen, male and female and young and old, with a tax that can never be paid at all and will actually create the goverment controlled system of communism the left and the godless want that will destroy our nation with economic downfall.
And the house democrats can pass this bill even if all the republicans vote it down as they should, so it makes no sense at all to vote for it as the pubs know it is a disaster for all of us. The republicans have truly lost their way and forgotten who they are.

28
posted on 09/29/2008 4:39:49 AM PDT
by kindred
( Third party conservative for Chuck Balwin,McCain is a liberal,Obama a communist.)

"In that case, give the $700 billion directly to the mortagees, and let them pay their mortages."

95% of lenders are paying their mortgages. So they should be forced fork over their hard earned money to bail out those others?

I guess we could debate this for days.

One of the sad aspects of this is, that the Democrats are responsible for this. Were there any Republicans involved, they would have been hauled immediately before a Congressional tribunal for interrogation.

The other is the overkill on CEO's salaries.

Are they too high? Ask those corporate shareholders that vote.

One thing is certain. CEO salaries did not cause this, and are but a drop in the proverbial bucket, as far as this collapse goes. CEO's salaries is nothing more than a smokescreen.

One thing I would like to see is an SEC rule that does not allow BODs to take “proxy” votes from non-voters.

Many companies will send out proxy notices and include terms which say that if the proxy is not returned, the BOD gets to use that vote.

If corporations were responsible to their shareholders rather than manipulated by BODs who are getting kickbacks on their votes, problems like over-compensation of CEOs, etc would go away.

Also, we would not see corporate sponsorship of political issues like gay marriage that we currently do. PG&E is putting a ton of money into California’s Prop 8 (opposing the protection of marriage) with a total disregard for their shareholders’ opinion on the issue.

Most shareholders would likely not support spending money on that initiative one way or the other.

32
posted on 09/29/2008 5:19:40 AM PDT
by Paloma_55
(I may be a hateful bigot, but I still love you)

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